Peugeot Citroen posts Q1 revenue of over 22.39 bln USD

PSA Peugeot Citroen, France's No. 1 car manufacturer, reported a 10.2-percent increase in revenue during the first three months this year over the same period a year ago, mainly due to booming demand in Russia, the company said on Wednesday.


Peugeot Citroen's revenue stood at 15.41 billion euros (22.39 billion U.S. dollars) for the January-March period versus 13.98 billion euros (20.31 billion dollars) a year before, as demand in the Russian market surged by 77 percent over the period.


Year-on-year, revenue of the French automaker's automotive division rose by 6 percent to 11.26 billion euros (16.36 billion dollars) while sales grew slightly by 0.8 percent to 921,400 units, as "growth was impacted by ... difficulties in sourcing electronic components from Japan," the group said in its financial report.


For 2011, PSA Peugeot Citroen expected the operating income of automotive activity "to be above the level of 2010" which perched at 621 million euros (902.29 million dollars).


The French group confirmed its annualized growth target of a 10- percent growth in China, 4 percent in Latin America and 15 percent in Russia, while the 2011 market is assumed stable in Europe.
(Source:http://news.xinhuanet.com)